James K. Polk

Presidency

What was Polk’s financial plan with regard to the Treasury?

Polk wanted to avoid creating a national bank and have the government’s money placed in private banks. Polk followed the example of Martin Van Buren, who had called for an independent treasury during his presidency. Unlike Van Buren, Polk managed to have his measure—which he called the Constitutional Treasury Act—passed into law. It lasted until 1913, when Congress created the Federal Reserve System.